According to Dan Gislfi, the CTO for Trusted Identity at IBM, the placing of PPI on an immutable ledger is a bad idea. Even though most people think that blockchain technology provides an ideal platform for the storing of Personally Identifiable Information [PII], that does not necessarily mean it is the right tool for handling the issue.
The problem includes GDPR compliance, the cost to read/write transactions, reversible hashes and correlation for a tiny set of locations, means not a lot of hashes can be generated for this particular set. The PII needs to be secure, yet some part of it needs to be public since it is on a public blockchain, the argument goes.
In centralized, traditional models of trust, a ‘trusted server’ also called ‘certificate authority’, issues digital certificates to establish a chain of trust. In decentralized ledger technology, the need for a centralized authorizing entity is over. Yet, the encryption models in place still face some issues for the discovery and sharing of public keys.
In Gisolfi’s own words,
“As participants in a global identity network, Alice and Bob create their unique DIDs [decentralized identifiers], attach their public keys and write them to the public ledger. Now any person or organization that can discover these DIDs will be able to acquire access to the associated public keys for verification purposes.”
IBM was the first software giant to stake a claim in the blockchain, the technology that underlies cryptocurrency, by launching a “blockchain-as-a-service” product assisting developers in building blockchain apps. Oracle rolled out a similar service, followed by Amazon, Microsoft, and SAP in short order. Alphabet is reportedly doing the same.
IBM expects marketing of technology services to become more performance-oriented as it sees increasing use of artificial intelligence (AI) and blockchain-based platforms. The company is working on a pilot project using blockchain to effectively use every dollar spent on marketing and reduce middlemen in marketing activities.